Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 18 The overall open interest(Article 57(3)(c) of Directive 2014/65/EU)

  1. (1)

    Where there is a large volume of overall open interest, the competent authority shall adjust the position limit downwards.

  2. (2)

    Where the open interest is significantly higher than the deliverable supply, the competent authority shall adjust the position limit downwards.

  3. (3)

    Where the open interest is significantly lower than the deliverable supply, the competent authority shall adjust the position limit upwards.